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Billionaire Carl Icahn‘s Icahn Capital LP recently filed a Form 13D with the Securities and Exchange Commission on Freeport-Mcmoran Inc (NYSE:FCX) in order to report a statement issued on September 13. In the statement, Mr. Icahn applauded Freeport’s management and Board of Directors for its recent moves, which include selling its deepwater assets in the Gulf of Mexico to Anadarko Petroleum Corporation (NYSE:APC) for $2 billion. Mr. Icahn is of the opinion that the company is on its way to successfully halving its net debt from year end 2015, by the end of 2017. At the end of the statement, Carl Icahn concluded by providing support for CEO Richard Adkerson’s recent comments that Freeport is “…open for all strategic moves, whether that means selling assets, [or] selling the company” to create value for all shareholders. Icahn Capital is a large shareholder of the company, as it currently owns 104 million Class B shares.

Freeport-McMoRan is a natural resource company that holds many reserves of gold, cobalt, copper, molybdenum, natural gas, and oil. Since the beginning of the year, the company’s stock has gained 49.93%. In its financial report for the second quarter of 2016, Freeport-McMoRan disclosed a loss per share of $0.02, missing the estimates of a loss per share of $0.01, and revenue of $3.33 billion, also below the estimates of $3.70 billion. There has been a great deal of analyst ratings activity on Freeport-McMoRan’s stock recently. For starters, Morgan Stanley downgraded its rating on it to ‘Underweight’ from ‘Equal Weight’ and lowered its price target to $7.00 from $9.00, while BMO Capital Markets set a price target of $12 on it with a ‘Hold’ rating. Furthermore, Cowen and Company set a price target of $15 on the stock and has a ‘Buy’ rating on it, while Deutsche Bank lowered its price target on it to $12 from $12.50 along with a ‘Hold’ rating.

The number of investors in our database long Freeport-Mcmoran (NYSE:FCX) decreased by four in the second quarter, as 30 hedge funds reported long positions in it as of the end of June. Among them were Mario Gabelli’s GAMCO Investors, which held a position valued at $54.08 million, Ken Griffin’s Citadel Investment Group, Benjamin A. Smith’s Laurion Capital Management, and Ray Dalio’s Bridgewater Associates.

Carl Icahn

Icahn Capital LP

Some of the investors who dumped Freeport-Mcmoran (NYSE:FCX) during the June quarter were Robert Polak’s Anchor Bolt Capital, which said goodbye to a position worth $13.80 million at the end of March, Brian Taylor’s Pine River Capital Management, Philippe Jabre’s Jabre Capital Partners, and Bruce Kovner’s Caxton Associates LP.

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box / /.

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d‑7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).